2018 budget draft is based on economic growth, security and improvement of social condition – PM

Under the 2018 state budget draft the Armenian government planned a fiscal policy that will determine a sustainable economic growth for upcoming years, Prime Minister Karen Karapetyan said during the discussion of the 2018 state budget draft at the joint session of parliamentary standing committees.

“Over the past years the economic shocks from outside world have left their impact on Armenia’s economy which resulted in low level of economic growth. Despite the current positive trends, the bases for economic growth are still not enough for ensuring a stable economic growth. For that purpose, we have planned under the 2018 budget a fiscal policy which will determine a stable economic growth for future years by ensuring 5% stable economic growth which will enable to more effectively solve our tasks. In order to reach this figure, we need to make great efforts”, the PM said.

Karen Karapetyan added that the 2018 state budget is based on economic growth, Armenia’s security and improvement of social condition. The PM said the government’s 2018 revenue policy will also be balanced.

The government made changes in the fiscal policy approaches in the 2018 budget. In the medium-term horizon the fiscal policy will be carried out by revising the expenditure structure, putting more emphasis on the need for capital expenditures aimed at ensuring economic growth.